Mitchell Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Mitchell averaged 5.87% for the week of 2024-10-10, compared to the national average of 6.32% for the same period.

The average rate for the prior week (2024-10-03) was 5.97% and one month ago for the week of 2024-09-05, the average rate was 5.9%.

Mitchell's average rate one year ago was 7.34%.

For refis of the same type during the week of 2024-10-10, the average rate was 6.22%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-10-10 6.32%
Mitchell 30 Year Fixed Rate 2024-10-10 5.87%
Mitchell 30 Year Fixed Rate Refi 2024-10-10 6.22%
Mitchell 15 Year Fixed Rate 2024-10-10 5.41%
Mitchell 15 Year Fixed Rate Refi 2024-10-10 5.31%
Mitchell 30 Year FHA 2024-10-10 6.1%
Mitchell 30 Year FHA Refi 2024-10-10 6.3%
Mitchell 30 Year USDA 2024-10-10 5.98%
Mitchell 30 Year USDA Refi 2024-10-10 6.18%
Mitchell 30 Year VA 2024-10-10 5.85%
Mitchell 30 Year VA Refi 2024-10-10 5.85%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Mitchell, SD.

Mitchell Top Lenders by Rates & Fees

The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Mitchell, SD market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CORTRUST MORTGAGE, INC. 36 6.43% $4,263
Plains Commerce Bank 28 6.67% $4,815
First Dakota National Bank 13 6.87% $2,720
BANKWEST, INC. 10 6.46% $5,102
U.S. Bank 5 6.82% $4,353
First PREMIER Bank 3 6.13% $3,167
First National Bank of Omaha 3 7.38% $2,347
QUICKEN LOANS, LLC 3 6.96% $5,618
AmeriHome Mortgage Company, LLC 2 6.63% $5,111
First International Bank & Trust 2 6.75% $7,374
Wells Fargo Bank 2 7.25% $3,357
PENNYMAC LOAN SERVICES, LLC 1 6.63% $5,129
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.38% $4,843
Reliabank Dakota 1 7.25% $3,367
Truist 1 6.63% $4,762
HOMESIDE FINANCIAL, LLC 1 0.00% $65
BLACK HILLS FEDERAL CREDIT UNION 1 7.13% $5,506
Central Bank 1 5.99% $3,105
CU MORTGAGE DIRECT, LLC 1 5.75% $2,909
Discover Bank 1 6.24% $0
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.00% $1,814
American Bank & Trust 1 6.38% $4,191
JPMorgan Chase Bank 1 6.63% $3,693
Minnwest Bank 1 6.38% $5,466
Mr. Cooper ( Nationstar Mortgage ) 1 6.88% $7,649
NEWREZ LLC 1 6.99% $4,015

Mitchell Average Closing Costs & Other Stats

Mitchell, SD's 26 lenders originated 341 loans during 2023. The total origination value was $66,015,000, with an average loan value of $193,592.

Mitchell's average closing costs are $4,247.

The top Mitchell lender as defined by loan originations is CORTRUST MORTGAGE, INC., with 36 loans originated. Their average total fees are $4,263, which is $552 lower than the next largest lender, Plains Commerce Bank.

The lowest fee Mitchell lenders (with over 10 loans originated) are First Dakota National Bank ($2,720), CORTRUST MORTGAGE, INC. ($4,263), Plains Commerce Bank ($4,815), BANKWEST, INC. ($5,102) and .

The lowest rate Mitchell lenders (with over 10 loans originated) are CORTRUST MORTGAGE, INC. (6.43%), BANKWEST, INC. (6.46%), Plains Commerce Bank (6.67%), First Dakota National Bank (6.87%) and .

Mitchell, SD Mortgage Market Share & Volume

Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.

Name 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
Plains Commerce Bank $22,705,000 $17,320,000 -23.7% 26.2%
CORTRUST MORTGAGE, INC. $11,450,000 $9,310,000 -18.7% 14.1%
First Western Bank & Trust $7,995,000 n/a 12.1%
First Dakota National Bank $16,565,000 $6,830,000 -58.8% 10.3%
BANKWEST, INC. $7,525,000 $4,940,000 -34.4% 7.5%
CorTrust Bank $2,850,000 $2,765,000 -3.0% 4.2%
U.S. Bank $3,740,000 $1,600,000 -57.2% 2.4%
First National Bank of Omaha $1,785,000 $1,535,000 -14.0% 2.3%
QUICKEN LOANS, LLC $3,970,000 $1,420,000 -64.2% 2.2%
First PREMIER Bank $415,000 $1,140,000 174.7% 1.7%
First International Bank & Trust $1,010,000 $1,065,000 5.4% 1.6%
SERVICE FIRST FEDERAL CREDIT UNION $1,045,000 $580,000 -44.5% 0.9%
Discover Bank $165,000 $545,000 230.3% 0.8%
Truist $530,000 n/a 0.8%
USAA Federal Savings Bank $520,000 n/a 0.8%
BLACK HILLS FEDERAL CREDIT UNION $605,000 $510,000 -15.7% 0.8%
First National Bank $135,000 $465,000 244.4% 0.7%
First Interstate Bank $760,000 $450,000 -40.8% 0.7%
Mortgage Research Center, LLC $605,000 $445,000 -26.4% 0.7%
American Bank & Trust $390,000 n/a 0.6%
Minnwest Bank $365,000 n/a 0.6%
Reliabank Dakota $955,000 $350,000 -63.4% 0.5%
SIOUX FALLS $125,000 $305,000 144.0% 0.5%
AmeriHome Mortgage Company, LLC $300,000 n/a 0.5%
First Bank & Trust $435,000 $280,000 -35.6% 0.4%
GUARANTEED RATE, INC. $155,000 $275,000 77.4% 0.4%
Wells Fargo Bank $1,895,000 $275,000 -85.5% 0.4%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $370,000 $260,000 -29.7% 0.4%
PRIMELENDING, A PLAINSCAPITAL COMPANY $215,000 $255,000 18.6% 0.4%
Dacotah Bank $295,000 $245,000 -16.9% 0.4%
MID AMERICA MORTGAGE, INC. $245,000 n/a 0.4%
HOMESIDE FINANCIAL, LLC $240,000 n/a 0.4%
BROKER SOLUTIONS, INC. $535,000 $225,000 -57.9% 0.3%
Flanagan State Bank $175,000 $205,000 17.1% 0.3%
NEWREZ LLC $195,000 $205,000 5.1% 0.3%
PENNYMAC LOAN SERVICES, LLC $135,000 $205,000 51.9% 0.3%
CU MORTGAGE DIRECT, LLC $200,000 n/a 0.3%
JPMorgan Chase Bank $145,000 $185,000 27.6% 0.3%
LOANDEPOT.COM, LLC $1,085,000 $175,000 -83.9% 0.3%
Rivers Edge Bank $160,000 n/a 0.2%
Carrington Mortgage Services, LLC $155,000 n/a 0.2%
Mr. Cooper ( Nationstar Mortgage ) $165,000 $135,000 -18.2% 0.2%
Barrington Bank & Trust Company, N.A. $125,000 n/a 0.2%
Central Bank $115,000 n/a 0.2%
Stifel Bank and Trust $105,000 n/a 0.2%
Citizens Bank $55,000 n/a 0.1%
The First National Bank in Sioux Falls $1,340,000 $15,000 -98.9% 0.0%

Mitchell's top lender by overall market share is Plains Commerce Bank, with 26.2% market share. In second place, with 14.1%, is CORTRUST MORTGAGE, INC., having originated $9,310,000 in loans. In third place, with 12.1%, is First Western Bank & Trust, having originated $7,995,000 in loans. In fourth place, with 10.3%, is First Dakota National Bank, having originated $6,830,000 in loans. In fifth place, with 7.5%, is BANKWEST, INC., having originated $4,940,000 in loans.


Mitchell Housing Market Trends (Median, Average Prices & Listing Count)

Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $164,650 (3.1%) $272,963 (34.4%) 0.00 58
2018-02-01 $179,750 (15.3%) $296,753 (51.6%) 0.00 58
2018-03-01 $189,000 (21.2%) $304,814 (61.8%) 0.00 47
2018-04-01 $191,623 (23.8%) $302,025 (56.9%) 0.00 53
2018-05-01 $194,750 (17.6%) $284,697 (36.6%) 0.00 56
2018-06-01 $194,698 (16.0%) $294,173 (39.6%) 0.00 55
2018-07-01 $188,900 (14.6%) $266,629 (29.6%) 0.00 59
2018-08-01 $164,775 (0.2%) $247,482 (14.7%) 0.00 69
2018-09-01 $159,900 (0.4%) $244,099 (12.0%) 0.00 62
2018-10-01 $158,450 (-0.2%) $219,152 (-14.6%) 0.00 62
2018-11-01 $159,750 (1.6%) $215,687 (-17.8%) 0.00 63
2018-12-01 $159,375 (0.9%) $216,164 (-17.8%) 0.00 60
2019-01-01 $178,125 (8.2%) $237,722 (-12.9%) 0.00 45
2019-02-01 $174,375 (-3.0%) $197,129 (-33.6%) 0.00 38
2019-03-01 $180,814 (-4.3%) $207,228 (-32.0%) 0.00 39
2019-04-01 $186,814 (-2.5%) $207,667 (-31.2%) 0.00 38
2019-05-01 $176,175 (-9.5%) $200,470 (-29.6%) 0.00 45
2019-06-01 $174,900 (-10.2%) $195,888 (-33.4%) 0.00 61
2019-07-01 $169,200 (-10.4%) $199,775 (-25.1%) 0.00 64
2019-08-01 $160,455 (-2.6%) $192,624 (-22.2%) 0.00 73
2019-09-01 $148,386 (-7.2%) $180,344 (-26.1%) 0.00 75
2019-10-01 $144,441 (-8.8%) $173,541 (-20.8%) 0.00 78
2019-11-01 $138,500 (-13.3%) $169,343 (-21.5%) 0.00 70
2019-12-01 $137,750 (-13.6%) $161,976 (-25.1%) 0.00 64
2020-01-01 $134,875 (-24.3%) $150,095 (-36.9%) 0.00 59
2020-02-01 $144,900 (-16.9%) $166,877 (-15.4%) 0.00 63
2020-03-01 $149,450 (-17.4%) $169,798 (-18.1%) 0.00 65
2020-04-01 $156,050 (-16.5%) $172,688 (-16.8%) 0.00 64
2020-05-01 $157,000 (-10.9%) $170,753 (-14.8%) 0.00 64
2020-06-01 $139,500 (-20.2%) $171,259 (-12.6%) 0.00 59
2020-07-01 $139,250 (-17.7%) $196,774 (-1.5%) 0.00 58
2020-08-01 $154,950 (-3.4%) $196,322 (1.9%) 0.00 53
2020-09-01 $154,163 (3.9%) $188,135 (4.3%) 0.00 50
2020-10-01 $134,000 (-7.2%) $186,217 (7.3%) 0.00 44
2020-11-01 $126,250 (-8.8%) $178,566 (5.5%) 0.00 41
2020-12-01 $125,825 (-8.7%) $272,705 (68.4%) 0.00 32
2021-01-01 $139,500 (3.4%) $294,526 (96.2%) 0.00 28
2021-02-01 $137,975 (-4.8%) $301,575 (80.7%) 0.00 29
2021-03-01 $179,000 (19.8%) $306,154 (80.3%) 0.00 34
2021-04-01 $214,950 (37.7%) $324,275 (87.8%) 0.00 35
2021-05-01 $225,000 (43.3%) $372,499 (118.2%) 0.00 37
2021-06-01 $225,000 (61.3%) $374,128 (118.5%) 0.00 39
2021-07-01 $215,000 (54.4%) $363,148 (84.6%) 0.00 50
2021-08-01 $199,775 (28.9%) $326,771 (66.5%) 0.00 59
2021-09-01 $208,475 (35.2%) $338,529 (79.9%) 0.00 47
2021-10-01 $165,900 (23.8%) $331,735 (78.1%) 0.00 38
2021-11-01 $174,475 (38.2%) $294,771 (65.1%) 0.00 34
2021-12-01 $157,350 (25.1%) $268,975 (-1.4%) 0.00 30
2022-01-01 $139,900 (0.3%) $265,864 (-9.7%) 0.00 23
2022-02-01 $152,100 (10.2%) $272,369 (-9.7%) 0.00 27
2022-03-01 $186,950 (4.4%) $291,079 (-4.9%) 0.00 31
2022-04-01 $209,900 (-2.4%) $281,492 (-13.2%) 0.00 38
2022-05-01 $217,450 (-3.4%) $296,659 (-20.4%) 0.00 44
2022-06-01 $214,950 (-4.5%) $314,032 (-16.1%) 0.00 50
2022-07-01 $215,000 (0.0%) $335,751 (-7.5%) 0.00 48
2022-08-01 $236,700 (18.5%) $406,290 (24.3%) 0.00 42
2022-09-01 $226,250 (8.5%) $406,632 (20.1%) 0.00 41
2022-10-01 $265,000 (59.7%) $444,164 (33.9%) 0.00 33
2022-11-01 $292,400 (67.6%) $458,851 (55.7%) 0.00 36
2022-12-01 $379,450 (141.2%) $483,415 (79.7%) 0.00 32
2023-01-01 $306,150 (118.8%) $483,402 (81.8%) 0.00 29
2023-02-01 $325,999 (114.3%) $504,214 (85.1%) 0.00 30
2023-03-01 $304,900 (63.1%) $496,733 (70.7%) 0.00 30
2023-04-01 $304,900 (45.3%) $466,275 (65.6%) 0.00 34
2023-05-01 $304,175 (39.9%) $440,258 (48.4%) 0.00 58
2023-06-01 $297,500 (38.4%) $398,402 (26.9%) 0.00 79
2023-07-01 $279,950 (30.2%) $359,141 (7.0%) 0.00 102
2023-08-01 $273,675 (15.6%) $393,908 (-3.1%) 0.00 62
2023-09-01 $290,000 (28.2%) $382,957 (-5.8%) 0.00 61
2023-10-01 $295,000 (11.3%) $374,721 (-15.6%) 0.00 48
2023-11-01 $295,000 (0.9%) $355,876 (-22.4%) 0.00 50
2023-12-01 $290,000 (-23.6%) $355,505 (-26.5%) 0.00 47
2024-01-01 $284,500 (-7.1%) $351,352 (-27.3%) 0.00 44
2024-02-01 $293,725 (-9.9%) $329,233 (-34.7%) 0.00 39
2024-03-01 $309,950 (1.7%) $345,567 (-30.4%) 0.00 36
2024-04-01 $330,000 (8.2%) $386,892 (-17.0%) 0.00 41
2024-05-01 $384,500 (26.4%) $419,206 (-4.8%) 0.00 47
2024-06-01 $355,000 (19.3%) $393,864 (-1.1%) 0.00 57
2024-07-01 $317,450 (13.4%) $371,118 (3.3%) 0.00 58
2024-08-01 $307,975 (12.5%) $396,131 (0.6%) 0.00 65
2024-09-01 $299,675 (3.3%) $399,597 (4.3%) 0.00 64
Mitchell's median listing price for 2024-09-01 was $299,675, a difference of $9,675 (3.3%) versus the prior year and $-8,300 versus the prior month.

Mitchell's median listing price comes in at 0% of the national average.

Mitchell's average listing price for 2024-09-01 was $399,597, a difference of $16,640 (4.3%) versus the prior year and $3,466 versus the prior month.

For the 2024-09-01 period, Mitchell had 64 MLS listings, a difference of -1 listings (-2%) versus the prior month and 3 listings (5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,753 sqft
2018-02-01 0 days 1,760 sqft
2018-03-01 0 days 1,578 sqft
2018-04-01 0 days 1,666 sqft
2018-05-01 0 days 1,750 sqft
2018-06-01 0 days 1,751 sqft
2018-07-01 0 days 1,653 sqft
2018-08-01 0 days 1,666 sqft
2018-09-01 0 days 1,629 sqft
2018-10-01 0 days 1,629 sqft
2018-11-01 0 days 1,687 sqft
2018-12-01 0 days 1,778 sqft
2019-01-01 0 days 1,858 sqft
2019-02-01 0 days 1,858 sqft
2019-03-01 0 days 1,647 sqft
2019-04-01 0 days 1,594 sqft
2019-05-01 0 days 1,758 sqft
2019-06-01 0 days 1,828 sqft
2019-07-01 0 days 1,721 sqft
2019-08-01 0 days 1,643 sqft
2019-09-01 0 days 1,635 sqft
2019-10-01 0 days 1,628 sqft
2019-11-01 0 days 1,546 sqft
2019-12-01 0 days 1,502 sqft
2020-01-01 0 days 1,383 sqft
2020-02-01 0 days 1,612 sqft
2020-03-01 0 days 1,630 sqft
2020-04-01 0 days 1,651 sqft
2020-05-01 0 days 1,643 sqft
2020-06-01 0 days 1,587 sqft
2020-07-01 0 days 1,560 sqft
2020-08-01 0 days 1,781 sqft
2020-09-01 0 days 1,779 sqft
2020-10-01 0 days 1,824 sqft
2020-11-01 0 days 1,849 sqft
2020-12-01 0 days 1,886 sqft
2021-01-01 0 days 1,977 sqft
2021-02-01 0 days 1,915 sqft
2021-03-01 0 days 1,978 sqft
2021-04-01 0 days 2,026 sqft
2021-05-01 0 days 2,074 sqft
2021-06-01 0 days 1,881 sqft
2021-07-01 0 days 1,810 sqft
2021-08-01 0 days 1,887 sqft
2021-09-01 0 days 1,969 sqft
2021-10-01 0 days 1,889 sqft
2021-11-01 0 days 1,909 sqft
2021-12-01 0 days 1,856 sqft
2022-01-01 0 days 1,502 sqft
2022-02-01 0 days 1,522 sqft
2022-03-01 0 days 1,659 sqft
2022-04-01 0 days 1,721 sqft
2022-05-01 0 days 1,678 sqft
2022-06-01 0 days 1,676 sqft
2022-07-01 0 days 1,715 sqft
2022-08-01 0 days 1,753 sqft
2022-09-01 0 days 1,890 sqft
2022-10-01 0 days 1,949 sqft
2022-11-01 0 days 1,815 sqft
2022-12-01 0 days 1,849 sqft
2023-01-01 0 days 1,838 sqft
2023-02-01 0 days 1,953 sqft
2023-03-01 0 days 1,922 sqft
2023-04-01 0 days 1,915 sqft
2023-05-01 0 days 1,941 sqft
2023-06-01 0 days 1,905 sqft
2023-07-01 0 days 1,905 sqft
2023-08-01 0 days 2,020 sqft
2023-09-01 0 days 2,019 sqft
2023-10-01 0 days 1,975 sqft
2023-11-01 0 days 2,128 sqft
2023-12-01 0 days 2,263 sqft
2024-01-01 0 days 2,239 sqft
2024-02-01 0 days 1,910 sqft
2024-03-01 0 days 1,891 sqft
2024-04-01 0 days 2,119 sqft
2024-05-01 0 days 2,352 sqft
2024-06-01 0 days 2,252 sqft
2024-07-01 0 days 2,083 sqft
2024-08-01 0 days 2,184 sqft
2024-09-01 0 days 2,175 sqft
Mitchell's median listing age (time on market) for 2024-09-01 was 0 days.

Mitchell's median square footage for active listings during the 2024-09-01 period was 2,175 sqft. One year prior, the average listing was 2,019 sqft.

Mitchell, SD Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 214 $53,560,000 $250,280
Refi 39 $4,725,000 $121,154
Home Improvement 36 $2,240,000 $62,222
Cash Out Refi 27 $3,595,000 $133,148
Other 25 $1,895,000 $75,800

Mitchell's most frequently cited loan purpose was Home Purchase, with 214 originations. The 2nd most popular reason was Refi, with 39 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 114 $32,290,000 $283,246
7-8% 60 $10,930,000 $182,167
5-6% 59 $12,325,000 $208,898
Over 8% 47 $6,045,000 $128,617
<2.5% 3 $25,000 $8,333
2.5-3% 3 $465,000 $155,000
4-5% 2 $430,000 $215,000

During 2023, Mitchell's most frequently originated rate bucket was 6-7%, with 114 originations.

Loan Sizing (Mitchell, SD MSA)

Loan Size Originations Total Value Average Loan
$100k-200k 119 $17,495,000 $147,017
$100,000 or less 114 $6,200,000 $54,386
$200k-400k 88 $23,270,000 $264,432
$400k-600k 12 $5,610,000 $467,500
$600k-1000k 7 $5,445,000 $777,857
$Over $1MM 1 $7,995,000 $7,995,000

Mitchell's loan sizing saw the bucket of loans from $100k-200k with 119 originations, totaling $17,495,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 139 $31,255,000 $224,856
60-80% 57 $20,735,000 $363,772
40-60% 32 $4,410,000 $137,813
20-40% 31 $3,765,000 $121,452
Under 20% 24 $990,000 $41,250
Over 100% 5 $1,355,000 $271,000

Mitchell's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 139 originations, totaling $31,255,000 in origination value.